Volkswagen AG, the biggest European automaker announced the taking-over of 49.9% of Porsche, for €3.9 billion ($5.8 billion), said AFP. Last week, the Volkswagen shareholders reported a capital raise for financing the acquisition. The biggest European automaker hopes to end Porsche’s acquisition process until 2011. In August, after months of  pressure and contradictory informations, VW announced that will gradually take-over Porsche, the process being scheduled to be ended after several years.

In the past months, Porsche cumulated massive debts in the process of buying 51% of Volkswagen. The auto market fall due to the global financial crisis stopped Porsche from obtaining 75% of VW, a move that would have allowed them to raise more money, then things turned 360 degrees, now VW is set to take-over Porsche, which is on the way to become the 10th brand of the Volkswagen Group.

The Volkswagen Shareholders General Meeting approved last week the emission of 135 million preferential shares valued at over €8 billion ($12 billion) to finance the acquisition.

The future looks very good for Volkswagen, being known that they were recently named the first automaker of the world, managing to overtake Toyota in the competition for the first place. So, we hope that Volkswagen will carry on Porsche’s tradition an will continue to built the best sportcars in the world.